Recent research work has put forward theconcept of “national system of corporate governance” to describe the complex architecture of legal rules, economic mechanisms and mentalities which constrain managerial discretion in a different way according to the country considered. The role played...

In a political structure with several power levels, how should regulatory authority in the area of corporate law be efficiently allocated between the different levels ? This question arises amidst a larger debate over the issue of the organization of governmental action when it takes place in a...

Significant changes in corporate governance may occur when firms face bankruptcy. First, as the worsening of performance becomes more and more obvious, stakeholders will modify their behavior towards the firm. Furthermore, once a bankruptcy procedure is filed (and especially in the case of...

In France the chairperson of the board is mostoften the firm's CEO. This position strengthensthe insiders' hold on the board of directors.Moreover, a large fraction of outside directorsis composed of CEOs of other firms. Thereciprocal interlocking of CEOs creates the possibility of mutual...